The Manitowoc Company, Inc. has formed a joint venture
with the shareholders of TaiAn Dongyue Heavy Machinery Co., Ltd. for
the production of mobile and truck-mounted hydraulic cranes. The joint
venture is located in TaiAn City, Shandong Province, China. Terms of
the transaction were not disclosed.

TaiAn Dongyue was founded in 1972 and is a major player
in the Chinese mobile hydraulic crane segment. The company uses a new,
purpose-built, 614,000-square foot facility located in a modern industrial
park that is staffed by a workforce of over 900 professionals who are
highly experienced in the manufacture and assembly of mobile hydraulic
truck cranes for the Chinese market.